05/31/2023
Banks’ borrowings from CBN rise 464% to N4.95 trillion
The banks deposited N584.79 billion in January. The figure rose by 14 percent to N668.86 billion in February and down by 29.5 percent to N471.4 billion in March.
Regulation,Tax & Compliance
05/31/2023
The Reserve Bank prepares for grid collapse
South Africa is experiencing unprecedented levels of load shedding in 2023, and the power utility has struggled to meet electricity demand leaving the nation in darkness for as many as 12 hours a day.
05/30/2023
Sarb sounds alarm on threat of sanctions
The central bank has warned that South Africa’s financial system will be unable to function if its ability to make international payments in dollars is impeded.
05/29/2023
Banks warn to watch out for these scams in South Africa
The centre added that social engineering in the form of Phishing, Vishing and Smishing are rampant at the moment and is used to obtain personal information, OTPs, and passwords to commit card fraud
05/26/2023
Wealthy Kenyans' dollar stash in banks hit record $7.7bn
The increase comes despite a number of pronouncements by President William Ruto to urge Kenyans to release their dollar stockpile amid a weakening shilling.
05/26/2023
Banks recapitalisation: BoG urged to be supportive
The debt exchange exercise which was mostly patronised by players in the banking sector resulted in creating serious financial challenges as 16 of them recorded heavy losses at the end of the 2022 financial year.
05/26/2023
Rand tanks after SARB rate hike
“We adjust our policy stance to deal with the effects of the exchange rate on inflation – so we are responding to inflation, not the exchange rate.”
05/25/2023
Economists expecting a big rate hike today
An increase of that size would be the first back-to-back 50 basis-point hikes in 15 years, when the fallout from the global financial crisis weighed on the local currency.
05/25/2023
Joburg plans big changes to load shedding hours
State power utility Eskom is subjecting South Africa to outages that add up to as much as half a day because its dilapidated equipment can’t meet demand.
05/25/2023
FG approves NIN, debit card merger
This is as the Federal Executive Council, on Wednesday, approved a memo from the National Identity Management Commission allowing banks to print debit cards that double as National identity cards.
05/23/2023
Strict new BEE laws could result in 600,000 job losses: DA
The new laws give the employment minister the authority to establish specific numerical goals for the racial and gender diversity of designated businesses
05/23/2023
Banks cut mortgage terms by a year, raise interest on defaults
Banks increased interest rates on home loans in line with a decision by the apex bank to raise basis points, piling pressure on potential homeowners.
05/23/2023
CBK clears 20pc sale of Nyachae-linked Credit Bank
“CBK welcomes this transaction that will diversify and strengthen the resilience of the Kenyan banking sector,” said the regulator in a statement. The CBK did not disclose the value of the deal.
05/22/2023
Nigeria records forex supply of $15.2 billion via official window
One of the factors that contributed to the depreciation of the naira in 2022 was the lack of forex supply from the BDC market.
05/19/2023
SARS is stepping in to keep food prices lower in South Africa
In South Africa, the cost of petrol and diesel includes various levies and taxes that make up 31% of the total cost
05/18/2023
South Africa could slip into a dangerous ‘feedback loop’
Tighter monetary policy risks “creating a feedback loop for the rand,” Andrew Matheny and Bojosi Morule wrote in a note to clients.
05/18/2023
All resolutions approved at Ecobank Transnational Incorporated’s 35th Annual General Meeting (AGM) and Extra Ordinary General Meeting (EGM)
At the meeting, shareholders approved the accounts and the appropriation of profits for 2022.
05/17/2023
IGAD central banks revive push to cut remittance fees
The cost of intra-regional remittances transfer among the IGAD member states stands at 10.6 percent
05/17/2023
‘Difficult trade-offs’ coming to keep South Africa afloat
Godongwana said that key among these is the outcome of the public sector wage negotiations, which the budget did not pre-empt.
05/16/2023
Banking licenses unjustly cancelled to be restored, laid-off staff to regain jobs – Mahama
Aside from reviving the collapsed indigenous banks and other businesses, he said allowing for local participation and ownership in them will be a priority to revamp the country’s ailing economy and create more employment for the citizenry.